January 4, 2016
This article provides you with a flashback of the major touchpoints for the PFM/wealth management FinTech segment in 2015. Wealth management and PFM/personal money management solutions developed by the new-age FinTech have started to build scale. On the other hand, banks and financial services firms too have started to take note of this and have developed appropriate strategies to counter the threat.
Globally, there has been a trend of banks re-aligning their wealth management segments and focus. To a large extent, this trend was on account of regulations, associated costs and the new-age technology solutions. Banks have started to cater to wealth management/private banking services with a renewed focus. HSBC, Barclays and Wells Fargo are some of the major banks who have re-aligned segments to meet the goal of profitable and sustainable growth. Another key trend was that large banks and wealth management firms have started to strengthen specific geographic footprints, focusing to leverage only the firms’ stronghold areas. Ex.: Credit Suisse selling its US private banking arm to Wells Fargo.
Technology innovation also has been a major focus area for banks. Innovation labs, hackathons, accelerators and partnerships with startups have peaked. Also, banks have started to experiment with personal ...